Watchdog Proposes More Transparency in Disciplinaries
The Accountancy and Actuarial Discipline Board is holding consultations within its own board to decide on whether or not to file disciplinary complaints with a view to increase the transparency in the process AADDB follows.
The AADB is planning to propose disciplinaries under its accountancy scheme. The new proposals are expected to have an effect on regulators, accountants and accountancy firms.
The Accountancy and Actuarial Discipline Board is an operating body of the FRC (Financial Reporting Council).
The AADB focuses itself on investigation of cases that raise or appear to raise important issues which affect the public interest. If it finds it to be appropriate, the AADB has its disciplinary complaints heard by a tribunal court.
This particular proposal has been developed by the board of AADB after it studied the referral of formal complaints to disciplinary tribunals. The guidance takes particular account of the absence of any alternative in case of dealing with misconduct other than disciplinary hearing. While drawing up the proposal, it has also been ensured that a viable case will be going in for disciplinary hearing unless it has been found to hurt public interest in doing so.
Comments and responses to the AADB’s proposals can be made until October 22, 2010.